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Financial Statements for the Six-Month Period Ended June 30, 2020 Presented on a Comparative Basis

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Financial Statements for the Six-Month Period Ended June 30, 2020 Presented on a Comparative Basis Cablevisión Holding S.A. Interim Condensed Consolidated Financial Statements For the six-month period ended June 30, 2020 presented on a comparative basis English free translation of the Financial Statements and Reports originally issued in Spanish. Contents Interim Condensed Consolidated Financial Statements Consolidated Statement of Comprehensive Income. Consolidated Statement of Financial Position. Consolidated Statement of Changes in Equity. Consolidated Statement of Cash Flows. Notes to the Interim Condensed Consolidated Financial Statements 1. General Information and Basis for the Presentation of the Interim Condensed Consolidated Financial Statements 2. Cash and Cash Equivalents and Investments. Additional Information on the Consolidated Statement of Cash Flows. 3. Trade Receivables. 4. Other Receivables. 5. Inventories. 6. Goodwill. 7. Property, Plant and Equipment. 8. Intangible Assets. 9. Right-of-Use Assets 10. Accounts Payable. 11. Financial Debt. 12. Salaries and Social Security Payables. 13. Deferred Income Tax Assets / Liabilities. 14. Taxes Payable. 15. Lease Liabilities. 16. Other Liabilities. 17. Provisions. 18. Additional Information. 19. Purchase Commitments. 20. Capital Stock. 21. Revenues. 22. Operating Expenses. 23. Financial Income and Expense. 24. Earnings Per Share. 25. Balances and transactions with companies under Article 33 - Law no. 19,550 and related parties. 26. Reserves, accumulated income and dividends. 27. Mandatory Public Tender Offer ("PTO") due to Change of Control. 28. Impact of Coronavirus 29. Subsequent Events. 30. Approval of the Interim Condensed Consolidated Financial Statements CABLEVISIÓN HOLDING S.A. Registration number with the IGJ: 1,908,463 Interim Condensed Consolidated Financial Statements for the six-month period ended June 30, 2020 GLOSSARY OF TERMS The Company / Cablevisión Holding Interchangeably, Cablevisión Holding S.A. Telecom Argentina / Telecom Interchangeably, Telecom Argentina S.A. Group Economic group composed by the Company and its subsidiaries. Telecom Group Economic group composed by Telecom Argentina and its subsidiaries. Telecom Personal/Personal/Micro Sistemas/Telintar/Pem/CV These companies are corporations or limited liability companies that are controlled directly or indirectly Berazategui//Cable Imagen/ Última Milla/AVC Continente pursuant to the definition established under the General Associations Law, or were controlled by Telecom, Audiovisual/Inter Radios directly or indirectly, to wit: Telecom Personal S.A., Micro Sistemas S.A., Telecomunicaciones Internacionales de Argentina Telintar S.A., Pem S.A., CV Berazategui S.A., Cable Imagen S.R.L., Última Milla S.A., AVC Continente Audiovisual S.A., Inter Radios S.A.U. Fintech Fintech Telecom LLC, shareholder of Telecom. Telecom USA/Núcleo/Personal Envíos/Tuves Paraguay / Televisión These refer to the foreign companies Telecom Argentina USA, Inc, Núcleo S.A.E., Personal Envíos S.A., Dirigida / Adesol Tuves Paraguay S.A., Televisión Dirigida S.A. and Adesol S.A., respectively, controlled by Telecom, directly or indirectly pursuant to the definition established under the Business Associations Law. AFIP Administración Federal de Ingresos Públicos (Argentine Federal Revenue Service) AREA Adjustment to Net Income from Prior Years. BYMA/NYSE Bolsas y Mercados Argentinos and the New York Stock Exchange, respectively. BCRA (Banco Central de la República Argentina): Central Bank of Argentina. Cablevisión Cablevisión S.A., absorbed by Telecom as from January 1, 2018, which activities are currently carried out by Telecom. CAPEX Capital expenditures. CNV Argentine Securities Commission. COMFER Comité Federal de Radiodifusión (Federal Broadcasting Committee) CPCECABA (Consejo Profesional de Ciencias Económicas de la Ciudad Autónoma de Buenos Aires) Professional Council in Economic Sciences of the City of Buenos Aires. D&A Depreciation and Amortization. ED Emergency Decree ENACOM Ente Nacional de Comunicaciones (National Communications Agency “ENACOM”, for its Spanish acronym) IASB International Accounting Standards Board. VAT Value Added Tax Gestión Compartida GC Gestión Compartida S.A. Grupo Clarín Grupo Clarín S.A. NDF Non-Deliverable Forward: Derivatives. INDEC National Institute of Statistics and Census IGJ (Inspección General de Justicia): Argentine Superintendency of Legal Entities. LAD (Ley Argentina Digital N° 27.078): Digital Argentina Law No. 27,078. LGS (Ley General de Sociedades) General Associations Law No. 19,550, as amended. IAS International Accounting Standards IFRS International Financial Reporting Standards, issued by IASB. PEN (Poder Ejecutivo Nacional): National Executive Branch. PP&E Property, Plant and Equipment. Gain (Loss) on Net Monetary Position Results from changes in the purchasing power of the currency (“RECPAM”, for its Spanish acronym). Roaming Charges for the use of network availability to customers of other national and foreign carriers. TR/FACPCE Technical Resolutions issued by the “Federación Argentina de Consejos Profesionales de Ciencias Económicas” (Argentine Federation of Professional Councils in Economic Sciences). RT 26 Technical Resolution No. 26, amended by Technical Resolutions Nos. 29 and 43, among others. SC (Secretaría de Comunicaciones): Argentine Secretariat of Communications. SCMA (Servicio de Comunicaciones Móviles Avanzadas): Advanced Mobile Communications Service. SEC Securities and Exchange Commission. ICT services Information and Communications Technology Services. These services include the transport and distribution of signals or data, voice, text, video and images, provided or requested by third parties, through telecommunications networks. SU (Servicio Universal): Universal Service. The availability of fixed telephony service at an affordable price to all persons within a country or specified area. Telefónica Telefónica de Argentina S.A. VLG VLG S.A.U., previously VLG Argentina LLC. VPP (Valor Patrimonial Proporcional): Equity Method. See our report dated August 19, 2020 PRICE WATERHOUSE & CO. S.R.L. Pablo San Martín Sebastián Bardengo (Partner) Supervisory Committee Chair C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 - 1 - CABLEVISIÓN HOLDING S.A. Registration number with the IGJ: 1,908,463 Interim Condensed Consolidated Financial Statements as of June 30, 2020 and for the six-month period beginning January 1, 2020 and ended June 30, 2020. Amounts stated in Argentine Pesos - Note 1.c) to the Interim Condensed Consolidated Financial Statements. Registered office: Tacuarí 1842, 4th Floor, Buenos Aires, Argentina Main corporate business: Investing and financing Date of incorporation: December 1, 2016 Date of registration with the Public Registry of Commerce: - Of the by-laws: April 27, 2017 Business start date: May 1, 2017 Registration number with the IGJ: 1,908,463 Expiration of Articles of Incorporation: April 27, 2116 Information on Parent Company: Name: GC Dominio S.A. Registered office: Piedras 1743, Buenos Aires, Argentina The information about the Company's subsidiaries is disclosed in Note 1 to the Interim Condensed Consolidated Financial Statements. CAPITAL STOCK STRUCTURE (Note 20) Total Subscribed, Registered Number of Outstanding Treasury and Paid-in Type votes per share Shares Stock Capital Class “A” Common shares, $1 par value 5 47,753,621 - 47,753,621 Class “B” Common shares, $1 par value 1 121,104,504 1,578 121,106,082 Class “C” Common shares, $1 par value 1 11,782,877 - 11,782,877 Total as of June 30, 2020 180,641,002 1,578 180,642,580 See our report dated August 19, 2020 PRICE WATERHOUSE & CO. S.R.L. Pablo San Martín Sebastián Bardengo (Partner) Supervisory Committee Chair C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 - 2 - CABLEVISIÓN HOLDING S.A. Registration number with the IGJ: 1,908,463 CABLEVISIÓN HOLDING S.A. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2020 AND 2019, AND THE THREE-MONTH PERIODS BEGINNING ON APRIL 1 AND ENDED ON JUNE 30, 2020 AND 2019 (in millions of Argentine pesos) April 1, 2020 April 1, 2019 June 30, June 30, through through Note 2020 2019 June 30, June 30, 2020 2019 Revenues 21 131,158 135,272 65,023 66,004 Employee benefit expenses and severance payments 22 (24,433) (25,831) (12,073) (12,095) Interconnection and Transmission Costs (4,601) (4,264) (2,477) (1,973) Fees for Services, Maintenance, Materials and Supplies 22 (13,807) (14,049) (6,516) (6,948) Taxes and Fees with the Regulatory Authority 22 (9,923) (10,737) (4,888) (5,292) Commissions and Advertising (7,011) (7,965) (3,249) (4,028) Cost of Equipment and Handsets 22 (4,399) (6,621) (2,028) (3,211) Programming and Content Costs (8,991) (10,196) (4,011) (4,862) Bad Debt Expenses 3 (5,359) (3,800) (2,990) (1,535) Other Operating Income and Expense 22 (4,920) (6,574) (2,211) (3,360) Operating Income before Depreciation and Amortization 47,714 45,235 24,580 22,700 Depreciation, Amortization and Impairment of PP&E, Intangible Assets and Rights of Use. 22 (33,355) (32,078) (16,232) (16,456) Operating Income 14,359 13,157 8,348 6,244 Equity in Earnings from Associates 2.a 216 236 119 75 Financial Expenses on Debts 23 (12,755) 2,821 (9,495) 10,133 Other Financial Results, net 23 3,633 3,707 1,773 (2,977) Income (Loss) before Income Tax Expense 5,453 19,921 745 13,475 Income Tax 13 (3,292) (10,880) (1,508) (5,524) Net Income (Loss) 2,161 9,041 (763) 7,951 Other Comprehensive Income - to be subsequently reclassified to profit or loss Currency Translation Adjustments (no effect on Income Tax) (829) (2,745) 229 (1,982) Effect of NDF classified as hedges (323) (351) 2 (235) Tax Effect of NDF classified as hedges 89 68 11 36 Other Comprehensive Income, net of Taxes (1,063) (3,028) 242 (2,181) Total Comprehensive (Loss) / Income 1,098 6,013 (521) 5,770 Net Income (Loss) attributable to: Shareholders of the Controlling Company 879 3,102 (306) 3,374 Non-Controlling Interest 1,282 5,939 (457) 4,577 Total Comprehensive Income (Loss) Attributable to: Shareholders of the Controlling Company 539 2,160 (238) 2,707 Non-Controlling Interest 559 3,853 (283) 3,063 Basic and Diluted Earnings per Share attributable to the 24 Shareholders of the Controlling Company (in pesos) 4.87 17.17 (1.69) 18.68 Additional information on costs by function is provided in Note 22.
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